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Ethereum Elliott Wave technical analysis [Video]

Ethereum Elliott Wave technical analysis [Video]
Peter MathersPeter MathersTradingLounge

Elliott Wave Analysis TradingLounge.

ETH/USD Elliott Wave Technical Analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Zigzag.

Position: Wave C.

Direction next higher degrees: wave II.

ETH/ US Dollar (ETHUSD) Trading Strategy: Ethereum (ETH/USD) is in the middle of a Wave II correction, with Wave C projected to target the 2,899.73 USD level. A breakdown above 3,429.97 USD would invalidate this bearish corrective scenario and signal the resumption of the uptrend.

Trading strategies

  • If ETH holds the support at $2,899.73 and forms a reversal, it would confirm the completion of Wave II.
ETH

ETH/USD Elliott Wave technical analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave C

Direction next higher degrees: Wave II

ETH/ US Dollar (ETHUSD) Trading Strategy: The chart shows a complete Wave 1 structure, followed by a corrective Wave 2 in progress.The correction appears to follow a zigzag pattern (A-B-C), with Wave A completed and Wave B currently forming.The projection for Wave C indicates a potential drop to the 0.786 Fibonacci retracement level, around 0.03217 USDT.

Trading strategies

  • If ETH holds the support at $2,899.73 and forms a reversal, it would confirm the completion of Wave II.
ETH

Ethereum Elliott Wave technical analysis [Video]

Author

Peter Mathers

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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